We’re only partway through January, but W-2s, 1099s, and other tax documents are already starting to pour in. Tax season is underway. Are you ready?
Chances are, you are more ready than the IRS. Due to Congress’ passage of last-minute tax law, the IRS has delayed the official opening of tax season. E-filing will become available January 20th. Due to the standard length of time it takes for the IRS to process a paper return, there isn’t any advantage to filing on paper instead of waiting for e-filing to open up.
Once e-filing opens up, there may be forms that are not able to be submitted right away. The last time a tax law was passed this late in the year, certain forms related to the extended credits weren’t available until more than a month after the season began.
You may also experience a delay in getting some of your tax documents. With new requirements for health insurance reporting on many W-2 forms and the additional reporting requirements for brokerage firms, many taxpayers may be receiving their tax documents closer to those respective deadlines. The deadline for filing W-2 forms is January 31st. Brokerages should have their statements out by February 15th.
Here at Financial Solution Advisors, PLLC, ’tis the season for finding deductions, meeting with clients, preparing tax returns, and helping clients start preparing for 2015. Even though the IRS is delayed, we are getting returns ready for when they open the starting gate.
We prepare individual and business tax returns with any level of complexity. We can also help with other things such as fully outsourcing your accounting department, preparing a Business or Practice Performance Review, financial planning, and tax resolution.
If you are interested in setting up an appointment with one of our partners, please give us a call at 904-296-2024. We look forward to working with you.